Luna Classic Increases 10% after recession crypto sell-off

The last 24 hours haven't brought any drastic changes to the crypto market, with most top-ranked assets pretty much dropping around 10%

Bitcoin hit below $20,000, and it's still struggling to keep just above the $20,000 target. Nonetheless, the weekly price action still signals a bullish market, and the last seven days has been a great boost of confidence for investors.

After a great monthly run, Terra Classic (LUNC) is one of the cryptos that have been hit the most during last week, with a decrease of around 14%. Today, however, even after the crypto sell-off, LUNC managed to keep a +10% as opposed to nearly every other big crypto in the market.

This means that Terra's bullish momentum hasn't come to an end yet.

Multiple other altcoins have also recorded solid returns, but industry experts are saying that investors should be wary of bear traps and the September effect".

Currently, meme coins are holding their ground the best, with Tamadoge leading the pack.

Buy Tamadoge Now

Terra Classic is still successfully holding its $0.000350 price, but it did go through a 25% decrease that plunged it from the $0.00059 high achieved on September 7th.

Some analysts are still suggesting that Terra Classic can reach the $0.00088 mark, even despite the decline in the last 24 hours.

So, what exactly is causing this current hype around Terra Classic?

According to analysts, it's the announcement from Binance that stated the platform would introduce a 1.2% tax burn mechanism.

But, as it turns out, this might no longer be the case.

Binance is the most dominant platform on the market when it comes to LUNC/Fiat trading pairs seeing that it's responsible for almost 47% of the overall trading volume.

If it decides not to incorporate the tax burning mechanism (for now), we might be looking at the end of Terra Classic's bullish trend.

Furthermore, an increasing number of analysts are warning investors to be careful with their LUNC investments.

They're reminding everyone that LUNC already had a complete collapse earlier this year and that assets with that kind of volatility could crash just as easily as they rise.

Buy Tamadoge Now

At the beginning of September, Bitcoin dropped to $18,600, one of the biggest lows it faced this year.

It managed to recover in the following days and maintained the $19,200 target, but struggled to surpass $19,500.

This changed in the last few days and Bitcoin currently surpassed the $22,000 mark during last week.

While this is great news, investors should still be wary of the September effect. As of the 13th, Bitcoin and other crypto have seen people desperately dump their positions in the market, as the inflation signs keep coming forward every month.

Analysts say that historical data suggests that BTC could go through several declines throughout September - the asset's worst-performing month in general since 2013.

Only on two occasions has Bitcoin seen price increases in September in the last 9 years - 2015 and 2016. Every other year, September tends to bring a 6-7% decline.

According to industry experts, September in general is a bad month for both the crypto and the stock market.

The reason for this could be that the majority of investors tend to leave their market positions during September so they can lock in their gains and tax losses.

Also, schools start in September, which means a certain percentage of investors typically need a higher rate of asset liquidation to pay for school costs.

Ever since the pandemic, the price of Bitcoin has mirrored the performance of the S&P 500, so it's entirely possible that BTC will face further decline towards the end of the month, just like the stock market.

Buy Tamadoge Now

Even though you should be careful about which investments you make in September, analysts suggest that Tamadoge might be the safest alternative.

Tamadoge is a meme cryptocurrency that incorporates its own Metaverse, an NFT store, a P2E game, and comes with utility.

The Tamaverse is the virtual world where users will be able to communicate, play games, stake tokens, and more. TAMA is the native governance token and primary platform currency.

Players that want to participate in the P2E game need to acquire pet NFTs that they later take care of and train for battles.

Even though the presale for TAMA tokens started in the middle of a severe bear market, both the beta phase and the official presale were immensely successful.

Almost 80% of the released token amount has been sold out, but investors still have a chance to capture the low price of TAMA tokens (1 USDT for 40 tokens).

The amount of popularity that Tamadoge has already amassed is amazing considering that the project hasn't even gone viral yet.

According to experts, we can expect up to 100x returns by the end of the year once the project gets listed on major CEXs and releases its AR (augmented reality) app.

Buy Tamadoge Now

Here is the exact guide you can follow for your first TAMA token purchase.

To begin, make sure you have a MetaMask wallet installed on your browser, or use one of the wallets supported by Wallet Connect (we recommend Trust Wallet).

Purchasing on a desktop browser will give you a smoother purchasing experience. For this we recommend MetaMask.

If you are purchasing on mobile, we recommend using Trust Wallet and connecting through the in-built browser (just copy https://buy.tamadoge.io into the Trust Wallet Browser).

Once you have your preferred wallet provider ready, click Connect Wallet" and select the appropriate option. For mobile wallet apps you will need to select Wallet Connect".

You will then have three options: Buy ETH With Card. This option will allow you to purchase ETH that will be sent to your wallet by our partner, Transak.

You will then be able to use this ETH to purchase TAMA. Click Buy Eth With Card" to begin and follow the on screen steps. We recommend purchasing a minimum of $15 worth of ETH to cover the minimum TAMA purchase. Buy TAMA With ETH.

Once you have sufficient ETH in your wallet (if you do not have ETH or USDT, please select option 1 to purchase ETH first), you can now swap your ETH for TAMA. Type in the amount of TAMA you wish to purchase (1,000 minimum) and then click Convert Eth".

Your wallet provider will ask you to confirm the transaction and will also show you the cost of gas. Buy TAMA with USDT. Please ensure you have at least $15 of USDT in your wallet before commencing the transaction.

Type in the amount of TAMA you wish to purchase (1,000 minimum). Click Convert USDT". You will then be asked to approve the purchase TWICE. The first approval is for the USDT contract and the second is for the transaction amount. Please ensure you go through both approval steps in order to complete the transaction.

Once the presale has concluded, you will be able to claim your TAMA tokens. We will release details closer to the time, however you will need to visit the main site https://tamadoge.io and click on the gold Claim" button.

Tamadoge Contract

Use the contract information below to add the TAMA token to your wallet.

Address: 0x12b6893cE26Ea6341919FE289212ef77e51688c8

Decimals: 18

Token symbol: TAMA

The post Luna Classic Increases 10% after recession crypto sell-off appeared first on The Tech Report.